Here is a fact for you. It is possible to sell your house yet remain legally obligated on the mortgage. If promises to sell a property quickly seem too good to be true, don't rush to sign a purchase and sale agreement. You worked hard at homeownership. Be smart!
It's tempting to snap up an offer when you are desperate and need to sell your home quickly. Adept scam artists who want to take advantage of your misfortune will rush to you with promises to buy your house.
Hi, my name is Kate.
I'm a retired mortgage broker. For over 20 years, I helped clients obtain their mortgage financing. If I heard this question once, I heard it a hundred times...
I always responded the same way...
That's because the title to real estate is not the same as a mortgage. If you simply deed over your home's title to someone, it does NOT relieve you of the mortgage responsibility.
It is especially important to understand the difference between your title and mortgage.
Kate's Definition: Title to real estate gives homeownership in the property.
Kate's Definition: A mortgage is a debt secured by real estate requiring repayment.
Beware of offers to sell your house quickly that seem too good to be true. Signing over the title to your house does NOT necessarily relieve you of mortgage payments.
Even if you don't own your home any longer, your mortgage company will still expect house payments! From you!
How should you react when you receive an offer that pressures you to respond? Good advice never changes. Read carefully and consult trusted advisers before signing any documents or contracts.
Remember this. Someone offering to buy your home without going through a formal process is probably a professional buyer. They most likely have superior knowledge to you.
So seek out professional help. Consult your current lender if you are having difficulty making your payment. Call you real estate agent if you need to sell your house. Speak with an attorney if an offer seems too good to be true. Get the best real estate investment advice.
After all, this is your home and your mortgage!
You can read more about me at Kate.
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